by Ride-Hailing is a digital platform or mobile application for transporting passenger from one location to another using shared transportation. It provides flexible and affordable on-demand transportation. The use of ride-hailing apps has surged the demand for shared mobility services like ride-pooling where multiple passengers can share a vehicle going in the same general direction.
The global Ride-Hailing Market is estimated to be valued at US$ 214680.76 Mn in 2023 and is expected to exhibit a CAGR of 5.6% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
Shared mobility services is one of the key trends driving the growth of the ride-hailing market. With rising transportation costs and environmental concerns, shared mobility service providers like Uber and Lyft are promoting ride-pooling where multiple passengers can share the same vehicle going in similar routes. This allows passengers heading in the same direction to share the cost of transportation. It helps reduce traffic congestion and carbon emissions significantly. Ride-hailing companies are investing heavily in improving their ride-pooling technology to better match passengers and optimize vehicle capacity. The preference for affordable and environment-friendly shared transportation over private vehicles is expected to accelerate the adoption of shared mobility services through ride-hailing apps over the forecast period.
SWOT Analysis
Strength: The ride-hailing market offers convenience and affordable transportation options for users. It allows riders to book a cab with just a few taps on their smartphone.
Weakness: Drivers have to bear high commission charges while using the platform. Safety of riders and drivers continues to be a challenge.
Opportunity: Growing adoption of ride-hailing services in smaller cities and towns provide an opportunity for market expansion. Emergence of new business models like rental cars on demand can boost growth.
Threats: Strict regulations around driver background checks and vehicle inspections in some regions increases compliance costs. Competition from conventional taxi services and newly emerging mobility startups.
Key Takeaways
The Global Ride-Hailing Market Demand is expected to witness high growth over the forecast period supported by rising urbanization and increasing smartphone penetration worldwide.
Regional analysis
The Asia Pacific region holds the major share of the global ride-hailing market currently. Countries like India and China have witnessed tremendous growth in ride-hailing services over the past few years. Emerging cities in these countries provide a large untapped customer base. Leading players are capitalizing on this opportunity by collaborating with local transportation service providers.
Key players
Key players operating in the ride-hailing market are Gerresheimer AG, Becton, Dickinson and Company, West Pharmaceutical Services, Inc., Terumo Corporation, Nipro Europe Group Companies, B. Braun SE, Sanofi, GSK plc., Pfizer Inc., Bayer AG, Polymedicure, Amsino International, Inc., Leeford Healthcare Limited, Torrent Pharmaceuticals Ltd., Regeneron Pharmaceuticals Inc., Ypsomed AG, SOL-Millennium, and Stevanato Group S.p.A. Major companies are focusing on strategic investments and partnerships to expand their presence in high growth regions.
Note:
Source: Coherent Market Insights, Public sources, Desk research
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